Difference between PwC "Deals" and PwC Corporate Finance

Per their website, they both describe IB activity for the MM. The Corp Fin link actually states they provide a complete array of MM IB services. Within the "DEALS" link, they list off lots of M&A, Capital Markets, etc. services. What's the difference? Very confusing.

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Deals does Financial Due Diligence for Buy Side and Sell Side deals whereas their "Corp Fin" does actual IB work for lower MM companies.

 
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For the MM IB work within Corp Fin, is the comp much different than going to an MM IB shop? What about the work schedule? I get the impression that Big 4 Corp FIn still has the Big 4 atmosphere. Not as intense, not as long hours, more collegial atmosphere, or is that just marketing and hype?

Typical to exit form B4 IB to PE? Seems like they work on smaller cases so must work with lots of PE firms.

 

I'm on the Deals side, so i dont have too much info on their Corp Fin division. From what I've heard the comp is lower than MM IB as well as the hours with a slightly more laid back culture, but the exit opps aren't as good as well. So its a give and take.

 

Deals people can exit to PE firms doing in-house FDD, but not as your typical PE Associate. Deals is basically doing accounting-related stuff for M&A transactions, so they recruit CPAs/accounting students. If you're not at one of their target schools (assuming you're still in school), then go to a target school for your MAcc to get in (thats what I did). But I want to warn you its extremely competitive to get in since they only take 2-3 students per school, so dont put all your eggs in one basket.

 

I have come across a lot of MBAs in Deals, is that a bonus/standard trajectory

 

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